“(1)The trustee and manager in relation to Group Investment Fund No 2291,
known as the NZSE 10 Index Fund, and every person acting on behalf
of the trustee or manager are exempted from regulation 23 of the Regulations in respect of any specified
participatory securities that are interests in that fund.

“(2)The exemption granted by subclause (1) is subject to the condition
that the registered prospectus or any advertisement relating to the
specified participatory securities includes the following statement:

“‘Units in NZSE 10 Index Fund
have been accepted for quotation by the New Zealand Stock Exchange
and will be quoted upon completion of allotment procedures.’”

Dated at Wellington this 17th day of December 2002.

The Common Seal of the Securities Commission
was affixed in the presence of:

[Seal]

C A N Beyer,Member.

Explanatory note

This note is
not part of the notice, but is intended to indicate its general effect.